Mullen Group reports Q1 profit down from year ago as demand softens

OKOTOKS, Alta. — Mullen Group Ltd. reported its first-quarter profit fell compared with a year ago as it saw a softening in demand, accompanied by competitive market conditions.

Mullen Group chair and senior executive officer Murray Mullen says consumer demand continued to decline, capital investment was noticeably weaker and major project construction activity virtually ground to a halt.

The trucking and logistics company says it earned $22.2 million or 25 cents per diluted share for the quarter ended March 31.

The result was down from a profit of $31.7 million or 33 cents per diluted share a year earlier.

Revenue totalled $462.6 million, down from $497.8 million in the same quarter last year.

On an adjusted basis, Mullen Group says it earned 25 cents per share in its latest quarter compared with an adjusted profit of 34 cents per share a year earlier.

This report by The Canadian Press was first published April 25, 2024.

Companies in this story: (TSX:MTL)

The Canadian Press